Euro Pacific Precious Metals, which Schiff founded in 2010 to sell gold and silver, said Wednesday it will accept bitcoin for payment through a partnership with BitPay.

Bitcoin /quotes/zigman/31322028/realtimeBTCUSD , of course, is a digital currency that is created through a cryptographic process rather than by a central bank. The decentralized network that transmits bitcoins has been touted as a more efficient way to send money around the world.